Bank Secrecy Act

TheGeneral+ · Aug 16, 2003

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> The procedures established must include provisions for complying with the BSA's requirement that the dealer file a report on Form 8300 of the receipt of cash or certain non cash instruments (e.g., cashier's checks) totaling more than $10,000 in one transaction or two or more related transactions.
<HR></BLOCKQUOTE>

I read that in regards to a Metal Dealers, but where it states "totaling more than $10,000 in one transaction or two or more related transactions."

I wonder if 10 or more neteller deposits over the course of time totalling in excess of $10,000 would also raise a flag under the Bank Secrecy Act.

Any info is appreciated.

Thanks

JoeyC · Aug 16, 2003

General:

The Country you defended has absolutely no bank secrecy!

TheGeneral+ · Aug 16, 2003

I couldn't have said it better Joey. In other words, this whole $10,000 thing is a put-on. I think it all just depends on who is bored and when/where in banking and Government.

elgordo · Aug 16, 2003

so true joey.

gamblman · Aug 16, 2003

I don't know about filing any forms, but if any transaction is equal to or greater than $10,000 US is brought in or transferred out of Canada it is automatically flagged and checked. Generally nothing comes of it. It is just standard procedure to help cut back on terrorist funding and such. I assume the US has the same procedure.

dandy77 · Aug 17, 2003

Terrorist funding??? I hope your joking.
Nobody could be that stupid!!

JoeyC · Aug 17, 2003

Tax Evaders = economic Terrorists

New IRS defination of what is a terrorist, I guess.

Phaedrus · Aug 17, 2003

General,

The financial reporting laws have gotten to the point where many merchants simply do not follow them. The definition of 'financial institution' as defined under the laws surrounding the CTR requirements was expanded this year to include furniture stores. Apparently one of the al-Qaeda caves outside Kandahar was done up like an Ethan Allen showroom or something.

Simple answer to your question is that yes, 10 deposits to Neteller in a relatively short period of time would trigger a CTR if Neteller is inclined to file one, even if each one was for just $ 1,500.00 .

Phaedrus

clevfan · Aug 17, 2003

come oct 1, everything will change......

lander · Aug 17, 2003

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by clevfan:
come oct 1, everything will change......<HR></BLOCKQUOTE>

What happens Oct 1?

TTinCO · Aug 17, 2003

I've always heard about the $10K number, but doesn't anything over $3K via WU throw up some type of red flag?

TheGeneral+ · Aug 18, 2003

Not sure tinco. I do know that at my bank, $2000 is reportable to them. Maybe since they are a Federal Credit Union.

Bank Secrecy Act

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TheGeneral+

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TheGeneral+

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lander

There's always next year, like in 75, 90-93, 99 &

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